The matrix pencil method (MPM) is tested as an approach to quantitatively process multiexponential low-field nuclear magnetic resonance T1 relaxometry data. The data is obtained by measuring T1 saturation recovery curves in the highly inhomogeneous magnetic field of a stray-field sensor. 0.9% brine solutions, doped with different concentrations of a Gd3+ containing contrast agent, serve as test liquids. Relaxation-times as a function of contrast-agent concentration along with the T1 relaxation curves for combinations of multiple different test liquids are measured, and the results from processing using MPM as well as inverse Laplace transformation as a benchmark are compared. The relaxation-time resolution limits of both procedures are probed by gradually reducing the difference between the relaxation-times of two liquids measured simultaneously. The sensitivity to quantify the relative contribution of each component to the magnetization build-up curve is explored by changing their volume ratio. Furthermore, the potential to resolve systems with more than two components is tested. For the systems under test, MPM shows superior performance in separating two or three relaxation components, respectively and effectively quantifying the time constants.